Nordstrom family makes $3.8 billion bid to take retailer private [View all]
Erik and Pete Nordstrom have submitted a proposal to take the Seattle-based Nordstrom Inc. (NYSE: JWN) department store chain private by acquiring all outstanding shares for $23 each in cash, a special committee of the Nordstrom’s board of directors said in a Wednesday news release.
The Nordstrom brothers — Erik is the company CEO and Pete is president — are joined by other members of their family, as well as the Mexican department store chain El Puerto de Liverpool.
The $3.8 billion proposal for nearly 164 million shares of common stock would be financed through a combination of rollover equity and cash commitments by the Nordstrom family and Liverpool, along with $250 million in new bank financing.
The company’s existing debt of $2.6 billion would remain outstanding, according to a filing with the Securities and Exchange Commission.
https://www.bizjournals.com/seattle/news/2024/09/04/nordstrom-family-bids-to-take-retailer-private.html
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